Nasdaq, Nvidia Hit Record Highs Over China Holiday as AI Trade Leads

The record highs landing during China's holiday window underscore how much of the current AI bid sits in US-listed names, leaving mainland and Hong Kong markets to price the theme on their own reopen. That gap matters for cross-listing sentiment: Hong Kong's LLM commercialization chatter and brokerage expectations for a post-holiday A-share pickup are the local mirror of the same trade. Whether the US AI leadership and the onshore reopening narrative stay aligned is the open question.